Financial Managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.
The role of the Financial Manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial Managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.
Recruiter & Staffing Needs
Financial Managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization.
The role of the financial manager, particularly in business, is changing in response to technological advances that have substantially reduced the amount of time it takes to produce financial reports. Financial managers’ main responsibility used to be monitoring a company’s finances, but they now do more data analysis and advise senior managers on ways to maximize profits. They often work on teams, acting as business advisors to top executives.
Recruiter & Staffing Needs
Job Prospects
As with other managerial occupations, jobseekers are likely to face competition because there are more applicants than job openings. Candidates with expertise in accounting and finance—particularly those with a master's degree or certification—should enjoy the best job prospects.
Employment projections data for financial managers, 2016-26
| Occupational Title | SOC Code | Employment, 2016 | Projected Employment, 2026 | Change, 2016-26 | Employment by Industry | |
|---|---|---|---|---|---|---|
| Percent | Numeric | |||||
| Financial Managers | 11-3031 | 580,400 | 689,000 | 19 | 108,600 |  xlsx |
SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program
Employment projections data for financial managers, 2016-26
| Occupational Title |
|---|
| Financial Managers |
| SOC Code |
| 11-3031 |
| Employment, 2016 |
| 580,400 |
| Projected Employment, 2026 |
| 689,000 |
| CHANGE, 2016-26 |
| PERCENT |
| 19 |
| NUMERIC |
| 108,600 |
| EMPLOYMENT BY INDUSTRY |
| xlsx |
SOURCE: U.S. Bureau of Labor Statistics, Employment Projections program
Pay
The median annual wage for financial managers was $125,080 in May 2017. The median wage is the wage at which half the workers in an occupation earned more than that amount and half earned less. The lowest 10 percent earned less than $66,480, and the highest 10 percent earned more than $208,000.
In May 2017, the median annual wages for financial managers in the top industries in which they worked were as follows:
| Professional, Scientific, and Technical Services | $147,040 |
|---|---|
| Management of Companies and Enterprises | $141,890 |
| Manufacturing | $124,120 |
| Finance and Insurance | $123,250 |
| Government | $110,610 |
Most financial managers work full time, and about 1 in 3 worked more than 40 hours per week in 2016.
Financial Managers
Median annual wages, May 2017
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Occupational Employment Statistics
Job Outlook
Employment of financial managers is projected to grow 19 percent from 2016 to 2026, much faster than the average for all occupations. However, growth will vary by industry.
Services provided by financial managers, such as planning, directing, and coordinating investments, are likely to stay in demand as the economy grows. In addition, several specialties within financial management, particularly cash management and risk management, are expected to be in high demand over the next decade.
Financial Managers
Percent change in employment, projected 2016-26
Note: All Occupations includes all occupations in the U.S. Economy.
Source: U.S. Bureau of Labor Statistics, Occupational Employment Statistics
Run Your First Background Check for Financial Managers
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|---|---|---|---|---|
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|
| OCCUPATIONAL TITLE |
|---|
| Accountants and Auditors |
| JOB DUTIES |
| Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. |
| ENTRY-LEVEL EDUCATION |
| Bachelor's Degree |
| 2017 MEDIAN PAY |
| $69,350 |
|
| OCCUPATIONAL TITLE |
| Budget Analysts |
| JOB DUTIES |
| Budget analysts help public and private institutions organize their finances. They prepare budget reports and monitor institutional spending. |
| ENTRY-LEVEL EDUCATION |
| Bachelor's Degree |
| 2017 MEDIAN PAY |
| $75,240 |
|
| OCCUPATIONAL TITLE |
| Financial Analysts |
| JOB DUTIES |
| Financial analysts provide guidance to businesses and individuals making investment decisions. They assess the performance of stocks, bonds, and other types of investments. |
| ENTRY-LEVEL EDUCATION |
| Bachelor's Degree |
| 2017 MEDIAN PAY |
| $84,300 |
|
| OCCUPATIONAL TITLE |
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| JOB DUTIES |
| Insurance sales agents contact potential customers and sell one or more types of insurance. Insurance sales agents explain various insurance policies and help clients choose plans that suit them. |
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| High School Diploma or Equivalent |
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| $49,710 |
|
| OCCUPATIONAL TITLE |
| Insurance Underwriters |
| JOB DUTIES |
| Insurance underwriters decide whether to provide insurance, and under what terms. They evaluate insurance applications and determine coverage amounts and premiums. |
| ENTRY-LEVEL EDUCATION |
| Bachelor's Degree |
| 2017 MEDIAN PAY |
| $69,760 |
|
| OCCUPATIONAL TITLE |
| Loan Officers |
| JOB DUTIES |
| Loan officers evaluate, authorize, or recommend approval of loan applications for people and businesses. |
| ENTRY-LEVEL EDUCATION |
| Bachelor's Degree |
| 2017 MEDIAN PAY |
| $90,640 |
Free Staffing Resources
Professional Recruiter and Staffing Organizations
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National Association of Personnel Services
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Association of Talent Acquisition Professionals
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American Association of International Healthcare Recruitment
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National Association of Executive Recruiters
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National Association for Health Care Recruitment
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Recruitment Process Outsourcing Association
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American Staffing Association
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Top Echelon Recruiting Network
